Tax Chapter 3 - Roland Christy Tax Accounting Chapter 3 3...

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Roland Christy9/23/14Tax AccountingChapter 33. Which of the following items can be inclusions to gross income?a. During the year, shares of stock that the taxpayer had purchased as an investment doubled in value.This is an inclusion to gross income. b. Amount an off-duty motorcycle police officer received for escorting a funeral procession.This is an inclusion to gross income. c. While his mother Shirley was in the hospital, the taxpayer sold Shirley’s jewelry and gave the money to his girlfriend, Serena. This is an exclusion to gross income. d. Child support payments received.This is an exclusion to gross income. e. A damage deposit the taxpayer recovered when he vacated the apartment he had rented.This is an exclusion to gross income. f. Interest received by the taxpayer on an investment in school bonds issued by IBM.This is an exclusion to gross income. g. Amounts received by the taxpayer, a baseball “Hall of Famer,” for autographing sports equipment (e.g. balls and gloves). This is an inclusion to gross income.
h. Tips received by Matt, a bartender, from patrons. (Matt is paid a regular salary by the cocktail lounge that employs him). This is an inclusion to gross income. i. Sherri sells her Super Bowl tickets for three times what she paid for them. This is an inclusion to gross income. j. Jefferson receives a new BMW from his grandmother when he passes the CPA exam.
29. Compute Emily’s 2014 taxable income on the basis of the following information. Her filing status is single.

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